Peter Obi Says He Would Retain Tinubu’s Naira Float Policy

Peter Obi, presidential candidate of the National Democratic Congress (NDC) for the 2027 election, has said he would retain President Bola Tinubu’s floating exchange-rate policy if elected. Speaking during an interview on Arise TV, Obi said he would not defend the way the policy was implemented but would focus on increasing productivity to make the naira more valuable to Nigerians.

He also warned against allowing tribalism to influence the 2027 election, arguing that national issues should take priority over ethnic considerations.

The Central Bank of Nigeria introduced major foreign-exchange reforms in June 2023, allowing market forces to play a greater role in determining the value of the naira and moving away from the previous multiple-exchange-rate system.

The reform triggered a sharp depreciation of the currency and remains one of the most debated aspects of Tinubu’s economic agenda, with supporters arguing that it removed distortions and improved transparency while critics have linked it to increased economic pressure.

Obi has previously argued that there was nothing inherently wrong with floating the naira, but that such a policy should be accompanied by stronger domestic production in agriculture, manufacturing and other sectors.

Obi’s position therefore represents a commitment to retaining the floating-exchange framework while attempting to change the economic conditions underpinning the naira’s value. He has consistently advocated moving Nigeria away from what he describes as a consumption-driven economy towards one centred on production, exports and investment, arguing that greater economic output would make the currency more valuable.

Obi’s latest comments also reinforce his earlier position that major reforms, including fuel-subsidy removal and currency flotation, could be retained but implemented alongside stronger planning, transparency and measures to increase productivity.